Tue, Oct 04, 2011 - Page 10 News List

World Business Quick Take

Agencies

SOUTH KOREA

Lee talks up economy

President Lee Myung-bak used a national day radio address yesterday to bolster faith in Asia’s fourth-largest economy amid a global economic slowdown and sluggish factory output at home. Lee said that national debt at a third of GDP was well below the 98 percent average of other Organisation for Economic Co-operation and Development nations, while foreign currency reserves exceeded US$300 billion and the nation’s current account was in surplus. “It would not be desirable for the nation to be overwhelmed by a crisis mentality,” Lee said.

TELECOMS

Moody’s downbeat on Nokia

A plan to provide 1 billion euros (US$1.33 billion) to Nokia Siemens Networks is negative for Nokia Oyj’s credit rating, Moody’s Investors Service said in its Weekly Credit Outlook report. Nokia and Siemens AG will each provide 500 million euros to their 50-50 joint venture, Nokia said in a statement on Thursday. “The capital injection, which we expected, is credit negative for Nokia as it reduces cash balances at the parent level, which are key to its rating,” Moody’s said. “The credit implications are much more pronounced for Nokia, whose liquidity is a key rating factor.”

BANKING

Wenzhou tightens credit

Wenzhou City Government in China has set a upper limit on the lending rates charged by private non-bank institutions as part of its efforts to control systemic risk in the banking sector, the government said in a statement on its Web site on Wednesday. Private non-bank institutions can only extend loans at an interest rate that does not exceed four times the benchmark lending rate, the statement said.

BANKING

Citigroup may be penalized

Citigroup Inc may be penalized by regulators in Japan for the third time since 2004 after its Japanese retail banking unit possibly breached rules by failing to fully explain product risk to customers, two people familiar with the situation said. The penalties imposed on Citigroup Japan’s retail banking division by the Financial Services Agency may include temporary suspensions of operations at some outlets, said the people, who declined to be identified as the discussion is private.

MINING

Nickel Asia suspends unit

Nickel Asia Corp, the Philippines’ largest nickel producer, said yesterday it suspended mining operations and nickel ore loading activities at its Taganito Mining Corp (TMC) unit following an attack by an armed group. Nickel Asia, partly owned by Japan’s Sumitomo Metal Mining Co Ltd, did not say when the mine at Claver in the Philippines’ Surigao del Norte province would reopen. “We understand that certain equipment of TMC, as well as our affiliate, Taganito HPAL Corporation, were burned,” the firm told the stock exchange.

MEDIA

Pittnam is CC Media CEO

On the heels of organizing a two-day concert in Las Vegas that kicked off Clear Channel’s iHeartRadio online radio service, media veteran Bob Pittman was named CEO of its parent company, CC Media Holdings Inc. An expert at boosting brands, Pittman is the former CEO of MTV Networks and was chief operating officer of America Online Inc. He joined the firm in November with a US$5 million investment and the job of chairman of media and entertainment platforms.

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